The Hong Kong-based carrier reported a loss of £60.5 million for 2016, compared with a £631.5 million profit the year before. Revenue was down 9.4% to £9.76 billion.
The airline said increasing competition from other airlines was the most important factor for the downturn in its fortunes. In a statement, it explained: “Other airlines significantly increased capacity. There were more direct flights between mainland China and international destinations. Competition from low cost carriers increased.” It added that overcapacity in the market was “a particular competitive problem for our cargo business”.
